S&P Affirms Sarasota County Bonds, Announces General Credit Rating

Government

SRQ DAILY MONDAY BUSINESS EDITION MONDAY MAR 4, 2019

S&P Global Ratings has affirmed one series of Sarasota County's bonds, along with the county's general credit rating of "AAA," the New York City-based firm announced. S&P also announced it had affirmed the "AA+" ratings for the county's capital improvement revenue bonds, "AA" ratings for the county's infrastructure sales surtax revenue bonds and "AA-" ratings for the county's communication services tax revenue bonds. The agency also raised its rating to "AAA" from "AA+" on Sarasota County's limited ad-valorem tax bond, and affirmed the county's "AAA" general obligation rating.

Ratings of the capital improvement, infrastructure and communication services bonds reflected "the strengths exhibited by Sarasota County's growing, broad and diverse economy," the agency announce, going on to say that Sarasota County "is also robust in its capital planning as it maintains a rolling five-year capital improvement plan with identified funding sources and a multiyear budget forecast. It also maintains several policies in the areas of debt and investment management and a fund balance reserve policy that sustains a budget stabilization reserve of 30 to 60 days of general fund expenditures and a contingency reserve at 75 days of expenditures."

Sarasota County Government

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